Oil prices rebound slightly after heavy declines over trade dispute

Oil prices rebounded on Thursday after heavy losses in the previous session that came as the China-U.S. trade dispute escalated, with official Chinese data indicating energy demand in the world’s top importer has yet to recover its strength.

Brent crude futures were up 24 cents, or a third of a percent, at $72.52 a barrel by 0355 GMT, following a decline of more than three percent on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures had gained 7 cents to $67.02 a barrel, after dropping 3.22 percent the previous session.

China is slapping tariffs of 25 percent on a further $16 billion in imports from the United States, from fuel and steel products to autos and medical equipment.

The ongoing trade war is rattling global markets and investors fear any slowdown in the world’s two largest economies would slash demand for commodities.

China’s crude imports recovered slightly in July after two months of decline, but were still among the lowest this year due to a drop-off in demand from smaller independent refineries.

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